Tesla Ups Prices, Moves Online

March 11, 2019—Tesla plans to raise some vehicle prices by three percent globally,IG Bankreports. The price increase will apply to the company's expensive vehicles including the Model 3, Model S, and Model X.

Those interested in purchasing a vehicle will have a week to place orders for the Model S and Model X before prices rise, IG Bank reports.

According to IG Bank, the move comes following Tesla's announcement to shut down physical stores and move towards an online presence. However, the firm will keep more stores open as well as evaluate them 'over the course of several months,' IG Bank reports.

"(A car) is the second-biggest purchase that they make in their life, after their house, and will they want to do that just online, not physically seeing or test-driving the vehicle? That’s a leap of faith," Mark Fields, Ford's former chief executive officer said to CNBC, IG Bank reports.